Account Audit

Appears in the October 2021 issue.

Anthony Pellegrino, founder of Goldstone Financial Group in Oakbrook Terrace, says that fall is a great time to do a household financial checkup. Here are five actions to consider:

Determine your tax bracket If you are just over a threshold with combined income, consider a Roth IRA conversion. 

Pay down credit cards Funds sitting in bank accounts can be used to pay down debt and eliminate interest charges. 

Fund tax-deferred accounts Contribute to a 529 education plan before December 31 or a Roth IRA by April 15.

Update your trust accounts You may want to rewrite wills or change beneficiaries. 

Consider gifting You can give $15,000 in cash or assets—per spouse—to children or grandchildren with no tax liability.

Illustration by Kevin Sterjo